CEBU, Philippines - Carcar City Mayor Nicepuro Apura is optimistic that the city’s P600 million loan for big ticket projects will be released eventually this month.
“For review na na sa Provincial Board (PB). We’re hoping by April ma-approve na ug ma-release sa bangko ang amount,” Apura said yesterday.
The mayor said it took them over a year to comply with that all pre-requisites for the loan application, which were submitted to the Development Bank of the Philippines.
Last week, the bidding for the new project started and he hopes construction can begin by the end of April.
The amount, he said, has been earmarked for the four-story City Hall, a public market and a terminal, which will be built at the massive 30-hectare Eco City Center. This property in Barangay Poblacion III, which will house a police station, auction hub and others, was inaugurated July last year.
Apura said to construct all these buildings, the city would need billions of pesos, hence they are taking it one step at a time.
The P600-million loan is payable in 15 years with a three-year grace period, he said. — (FREEMAN)